Africa’s richest man, Aliko Dangote, has disclosed that the Federal Government of Nigeria earns 52 kobo from every one naira generated by his cement company, highlighting the massive fiscal impact of the private sector on national revenue.

Speaking at the Taraba International Investment Summit 2025 in Jalingo, Dangote made the revelation while emphasizing the importance of government support in enabling businesses to thrive.

He used his cement company as a striking example of how profitable enterprises contribute significantly to public funds.

“You know, I’m sure it might be shocking to you to know that the federal government of Nigeria, not even the states, makes more money from, for example, our cement business,” Dangote stated. “For every one naira we turn around, 52 kobo goes to the federal government of Nigeria.”

Dangote Cement, Africa’s largest cement producer, operates in over 10 countries including Nigeria, Ethiopia, Tanzania, and South Africa.

With a production capacity exceeding 51 million metric tons annually, the company has been instrumental in reducing the continent’s dependence on imported cement.

Using the platform to reinforce his longstanding views, Dangote stressed that while governments are not meant to run businesses, they must provide the right environment for businesses to grow.

“Governments don’t have to own businesses to generate income,” he said. “Have you ever heard of the American government owning an oil block? No, the American government doesn’t own an oil block. And they are the biggest producers of oil today in the world. But they make their money through taxes.”

He insisted that the future of economic growth and wealth creation lies squarely in the hands of the private sector, and called for stronger collaboration between government and business leaders.

“The only way to grow the economy and create wealth is through the private sector,” he said.

Dangote also reaffirmed his commitment to continued investment in Nigeria despite economic headwinds, promising to keep creating jobs and expanding his operations within the country.

“We are not going anywhere to invest, this is home. We want to remain at home. We want to keep investing in Nigeria. We want to keep creating jobs. At the end of the day, no one will take a dime to the grave. What gives us true satisfaction as human beings is knowing we’ve impacted the lives of others,” he concluded.